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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(RULE 13D-102)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT
TO RULES 13D-1(B)(C), AND (D) AND AMENDMENTS THERETO FILED
PURSUANT TO RULE 13D-2(B)
(AMENDMENT NO. _____________)/(1)/
FOUNTAIN OIL INCORPORATED
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(Name of Issuer)
COMMON STOCK, PAR VALUE $0.10 PER SHARE
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(Title of Class of Securities)
35075K101
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(CUSIP Number)
MAY 8, 1998
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(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
[ ] Rule 13d-1(b)
[x] Rule 13d-1(c)
[ ] Rule 13d-1(d)
_____________
/(1)/ The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Act of 1934
or otherwise subject to the liabilities of that section of the Act but shall be
subject to all other provisions of the Act (however, see the Notes).
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13G
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CUSIP NO. 35075K101 PAGE 2 OF 4 PAGES
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NAME OF REPORTING PERSONS
1 I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
INCREASED OIL RECOVERY AS
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
2 (a) [_]
(b) [_]
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SEC USE ONLY
3
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CITIZENSHIP OR PLACE OF ORGANIZATION
4
NORWAY
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SOLE VOTING POWER
5
NUMBER OF
2,150,000
SHARES -----------------------------------------------------------
SHARED VOTING POWER
BENEFICIALLY 6
OWNED BY 0
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EACH SOLE DISPOSITIVE POWER
7
REPORTING
2,150,000
PERSON -----------------------------------------------------------
SHARED DISPOSITIVE POWER
WITH 8
0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
9
2,150,000
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10
[_]
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11
9.58%
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TYPE OF REPORTING PERSON*
12
CO
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
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Page 3 of 4
ITEM 1(A). NAME OF ISSUER:
Fountain Oil Incorporated.
ITEM 1(B). ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
1400 Broadfield Blvd., Suite 100, Houston, Texas 77084.
ITEM 2(A). NAME OF PERSON FILING:
Increased Oil Recovery AS.
ITEM 2(B). ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE, RESIDENCE:
Damsgardsgarten 163 A, N-5031 Laksevag, Norway.
ITEM 2(C). CITIZENSHIP:
Increased Oil Recovery is a Norwegian corporation.
ITEM 2(D). TITLE OF CLASS OF SECURITIES:
Common Stock, par value $0.10 per share.
ITEM 2(E). CUSIP NUMBER:
35075K101.
ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO RULE 13D-1(B), OR 13D-2(B) OR
(C), CHECK WHETHER THE PERSON FILING IS A:
Not applicable.
If this statement is filed pursuant to Rule 13d-1(c), check
this box [x].
ITEM 4. OWNERSHIP.
(a) Amount beneficially owned:
2,150,000 shares
(b) Percent of class:
9.58%
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Page 4 of 4
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote:
2,150,000 shares
(ii) Shares power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
2,150,000 shares
(iv) Shares power to dispose or to direct the disposition of:
0
ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
Not applicable.
ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
Not applicable.
ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED
THE SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY.
Not applicable.
ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP.
Not applicable.
ITEM 9. NOTICE OF DISSOLUTION OF GROUP.
Not applicable.
ITEM 10. CERTIFICATION.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with our as a participant in any transaction having that purpose or effect.
Dated: May 19, 1998 INCREASED OIL RECOVERY AS
By: /s/ Helge Eide
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Helge Eide, Managing Director
